The Securities Act of 2008, a bill intended to strengthen the enforcement arm of the SEC, passed in the House of Representatives yesterday. There is not yet a companion bill in the Senate. A detailed summary of the bill is available on Securities Docket here.
SEC Chairman Christopher Cox hailed the House’s action, stating in a press release:
“The House of Representatives today passed measures that the SEC requested to improve the securities laws and provide additional tools for the SEC’s enforcement program that already is seen as the gold standard around the world. Policing the markets and keeping investors’ money safe has never been more important, and so this legislation comes at a critical time.”